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Greetings fellow Rainers!!! 

I'm just taking a break from my rather hectic day.  For kicks, I thought it would be fun to start some sort of chain type thread just to see how long we could keep it going before we ran out of things to add.  So my topic of choice is REO TERMINOLOGY. 

Why?  Maybe because in my neck of the woods it's all you hear about.

It's kind of corny I know, but with so many experts in the field I thought we could have fun, challenge ourselves, learn from one another or perhaps stump a few.

I'll go first -- REO (Real Estate Owned) - Property which is in the possession of a lender as a result of foreclosure or forfeiture.

I know, I know...I took the easiest one.  What else did you expect me to do???  Just kidding.  Anyway...chime away.  Anyone have some good ones to stump the rest of us???

 

 

2 Comments on REO Terminology

DEC
17
2007

AS-IS....duh! In all seriousness, some agents and or buyers just don't get it... The bank has never lived in the house. They have no idea if anything works, they have no idea if there is RADON, mold, animals, roof leaks, leaky pipes, wet basement or if there are any city, state or county code violations. All they know is that they can deliver a clear, marketable, insurable title to a qualified buyer.

 
6:42pm • #1
DEC
29
2007
178,361 Points 1 Featured Post Localism Sponsor Outside Blog Hit Router
Bank's addendum - never got this far but I have been told about it and it sounds like - yet another contract to look at with a very close eye.  I can't figure out why they would rewrite the original one.
11:50pm • #2

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Tracy Nicole Hamilton, Realtor®, Elk Grove CA, Sacramento, CA

Elk Grove, CA

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Sweet Homes

Address: 4794 Duckhorn Drive, Sacramento, CA, 95834

Office Phone: (916) 730-8671

Cell Phone: (916) 949-1075

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I believe that knowledge is power. Since I am constantly evolving in the bettering of myself, I feel compelled to share the lessons that I have learned along the way. These lessons may or may not involve Real Estate, but I am sure they will help someone, on some level, at some point in life. As we all know, we can't stop "life" from happening to us, but we can prepare ourselves to RESPOND rather than REACT to "life" situations. And how do we do that? By educating and equipping ourselves.


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